中国基准利率体系多重均衡:表现、成因与对策——基于利率市场化历史进程的视角  

The Multi-equilibrium of Benchmark Interest Rates of China:Causes and Strategies

作　　者：刘东海 蔡喜洋[1] Liu Donghai;Cai Xiyang(Bank of Chin)

机构地区：[1]中国银行

出　　处：《金融发展评论》2018年第4期126-140,共15页Financial Development Review

摘　　要：我国利率市场化正由"放得开"向"形得成"与"调得了"转变,2015年存贷款利率管制放开之后,改革重点就是形成基准利率体系与风险定价体系。囿于市场分割与市场不完美,基准利率体系呈现"双轨制"和多重均衡特点。"刚性兑付"混淆金融风险实质、扭曲风险定价机制,降低了基准利率的基准意义。短期内,央行在关键期限上维持利率锚属于过渡方案。中期内,应积极发展多层次资本市场,优化金融资产结构;机构监管和行为监管并重;打破预算软约束的财政兜底预期,防范金融机构激进扩张的道德风险;加快金融产品净值化转型,多措并举推动基准利率体系由多重均衡向单一均衡收敛。The formation of benchmark interest rate system and risk pricing mechanism in the Chinese financial market has become the first priority of the financial reform as the interest rate market liberalisation has staged into a new period since the overall removal of long - dated ristrictions on rate of deposits and loans in Octable 2015. The article provides a deep and comprehensive analysis from a varied pespectives like rigidity in WMP payments, distortion in credit risk pricing and softness in local goverment budgets, and reaches its conclusion that there exists a muli -equilibrium benchmark rates system due to market segregation and market incomplete：

关 键 词：利率市场化 基准利率 国债收益率曲线 刚性兑付 风险定价机制 

分 类 号：F832.5[经济管理—金融学]